NEWS

Loft & Cavity Wall Insulation To Combat Predicted Energy Price Rises

19 February 2013

Consumers are being warned that dwindling gas reserves could result in another hike in energy prices, and sooner rather than later.

Ofgem Chief Executive Alistair Buchanan reported on Tuesday 18th Feb that the closure of a number of outdated domestic power stations could see the UK become dependent on overseas gas.

The cost of importing gas is higher than that of home-produced stock, and energy suppliers are likely to pass these higher costs onto the customer.

The news comes just three weeks after the Government kick-started its latest energy efficiency scheme, the Green Deal.

Oil Shortage

In a report for The Telegraph, Buchanan states that 10 per cent of coal and oil-fired power stations will close before next winter in order to meet Government targets.

Whilst the closure of these “dirty” power stations is ultimately perceived to be a good measure, arrangements are yet to be made when it comes to replacing the energy being lost.

New energy producers – including nuclear power and shale gas, which has become a major source of energy in the United States – have yet to receive the green light from the Government due to the on-going economic downturn.

With no backup plan, energy suppliers will be forced to import gas from abroad, and consumers will be hit in the pocket.

Buchanan goes on to suggest that now is the time for “leaky” homes to become more energy efficient.

Save Energy, Save Money

With higher energy bills on the horizon, households can soften the blow by improving the energy efficiency of their property. That is the belief of both Ofgem and the Department of Energy and Climate Change (DECC).

Households opting to improve insulation – be it Loft Insulation, Cavity Wall Insulation, External Wall Insulation, or Water Tank Insulation – stand to save hundreds annually on their energy bill.

Loft Insulation is estimated to save households up to £175 per year, while Cavity Wall Insulation can lead to £135 of estimated savings yearly.

It’s not all about insulation either. Simple measures such as switching to energy-saving light bulbs, closing curtains, and turning down thermostats can lead to small but significant savings.

Green Deal Assistance

On January 28, the Government launched the Green Deal, a scheme offering financial assistance to those looking to improve the energy efficiency of their property.

Under the scheme, households can take out a loan to complete work such as Loft Insulation, External Wall Insulation, Cavity Wall Insulation, and Boiler Replacement.

Those households meeting specific criteria will also eligible for a Green Deal Grant, under which the cost of all improvements will be free.

With 9 million people expected to be living in fuel poverty by 2016 and energy costs rising, the Government is hoping that the Green Deal will kick-start the energy efficiency movement.


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